Creating a business that will last, whilst at the same time building value that endures is surely every entrepreneur’s dream.
Passing on your business to the next generation might be the next step. However, a lack of proper succession planning may result in a tax burden that will significantly reduce the wealth available to the future generation. Ensure the most tax efficient and effective method regarding the future succession of your business, whilst maintaining business and operational objectives.
Businesses usually fail to assess the potential tax exposure once the business is passed on either during one’s lifetime or upon one’s passing away. Such businesses need to be professionally valued in order to assess the likely tax liability in terms of capital gains tax that would need to be forked out, as well as the duty incidence that the heirs might have to pay.
Our tax advisory team of lawyers and accountants can help you to act immediately. We can offer long term personal tax planning solutions so that upon your demise, your loved ones are not left with hefty tax bills that they cannot afford.